In order to effectively implement the Regulations Governing Anti-Money Laundering of Financial Institutions, align with the amendments to the Insurance Act introduced on June 13, 2018, and address the issue of payable living benefits or maturity benefits that are not paid by the insurance industry, the FSC introduced the amendment to the Directions on August 3, 2018; the key points are:
1. The insurer is required to ask the insurance applicant, the insured and the beneficiary to provide their nationalities, ID card numbers, birth dates, household registration or registration address, contact information and accounts for bank transfers of the insurance applicant and the beneficiary, when needed, as their basic information.
2. In alignment with Article 107-1 of the Insurance Act, when an insurance product in a nature of life insurance or injury insurance is launched, the insurer shall ask the insured whether he/she is currently under custodianship and provide such information.